Automated contract markup tool includes new FARS/DFARS editing features to handle federal contracting requirements
Arlington, Virginia, June 2, 2020 – Driven by demand from Fortune 1000 companies, BlackBoiler today announced it has launched new editing capabilities specifically geared to handle federal government sub-contracts. Available today, BlackBoiler has released contract editing capabilities for Defense Federal Acquisition Regulation Supplement (DFARS) and Federal Acquisition Regulation Supplement (FARS) regulations, which govern all acquisitions and contracting procedures in the federal government. Now organizations have an automated and standardized way to edit FARS/DFARS clauses, saving up to 90% of editing time. Of note, in 2019, federal contract spending reached $594 billion, the highest amount on record.
The new capabilities underscore how BlackBoiler’s patented technology can be leveraged to provide clients with customized editing systems for other regulatory matters, such as corporate data security questionnaires and high-volume regulatory inquiries to eliminate inefficiency and more quickly execute contracts.
“We’ve had a variety of customers come to us asking for editing capabilities for government contracts. Because BlackBoiler’s editing system is agnostic to document type, we can seamlessly repurpose the system for this specific use case and build a new model and a new workflow. This is an example of how our patented technology can be leveraged to provide our clients with bespoke editing systems,” said Dan Broderick, co-founder and CEO of BlackBoiler.
BlackBoiler speeds up the process of contract negotiation by recommending company-specific revisions based on edits to previously reviewed contracts, reducing review time by as much as 70% for high-volume contracts such as service agreements and NDAs. Using proprietary deep learning and natural language processing, BlackBoiler supports high-volume contract review for some of the world’s largest organizations and AmLaw 100 law firms.
Based in Arlington, Virginia, BlackBoiler is a National Science Foundation-backed software company focused on the automation of contract review. The company’s patented automated contract markup tool is designed to work seamlessly with programs users already know how to use: Word and email. Through proprietary techniques, BlackBoiler creates client-specific editing models and leverages these models to markup inbound contracts instantaneously in the Track Changes feature of Microsoft Word. BlackBoiler grows smarter and increases efficiency of contract review with each additional use.